Company News
Tuesday, August 21, 2001
Life Time Fitness Inc., Eden Prairie, has formed a partnership with the city of Savage to build an aquatics center. The Savage Life Time Fitness
Recreation and Aquatics Center will be completed next year.
The St. Paul Companies has formed a Global Surety and Construction Group. The company said the the group reflects the strong growth in construction
insurance business and the expansion of its surety operations.
Direct Merchants Credit Card Bank N.A., a subsidiary of Metris Companies Inc., Minnetonka, and the Provident Bank, a subsidiary of Provident
Financial Group Inc., Cincinnati, have established an agent-bank arrangement to offer bank card products to Provident customers. As part of the
transaction, Direct Merchants Credit Card Bank also agreed to buy some of Provident's existing consumer credit card portfolio. Terms were not disclosed.
Gelco, Eden Prairie, said the National Oceanic and Atmospheric Administration has implemented its Travel Manager product to reduce processing costs,
eliminate manual rekeying of data and provide the agency with reliable information for analyzing and justifying travel expenses to Congress.
Aravox Technologies Inc., Minneapolis, said it received $14 million in Series B funding, bringing the total amount of funding to $16.5 million. Global
Crossing Ventures Inc., the venture capital arm of Global Crossing Ltd., led the round. Also participating were SAIC Venture Capital Corp. and St. Paul
Venture Capital.
IntraNet Solutions Inc., Eden Prairie, has formed a partnership with DeepBridge, under which DeepBridge will market and resell IntraNet Solutions'
Xpedio Content Management system to its U.S. customers.
Computer Network Technology, Plymouth, has a definitive agreement to sell most of the assets and liabilities of Propelis Software Inc., to Jacada Ltd. for
$6 million in cash, plus a warrant to purchase 350,000 ordinary shares of Jacada Ltd. stock.
Lone Star Technologies Inc., Dallas, and North Star Steel Co., Houston, have approved a definitive agreement under which Lone Star will acquire the
assets of North Star's Tubular Steel Division for $430 million and the assumption of certain liabilities. About $130 million of the price will be provided by
the private placement of Lone Star common stock, of which up to $50 million can be sold to Cargill Inc., Minnetonka. North Star Steel is a wholly owned
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